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ACC 401 Week 2 Quiz (Ashford)

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ACC 401 Week 2 Quiz (Ashford)

  1. If one or more non-cash gifts has a fair market value over $500, the taxpayer must:
  2. Mrs. Gonzales must use a wheelchair. Upon advice from her physician, she installed an elevator and widened the front entrance of her house in 2014, incurring $15,000 and $4,000 in costs, respectively. Mrs. Gonzales originally purchased her house for $152,000. An appraisal showed the fair market value of Mrs. Gonzales' house immediately after these modifications at $162,000. Compute her currently deductible medical expense in regards to these improvements before AGI limitations.
  3. For a taxpayer to be eligible to fund a Health Savings Account (HSA), he or she must be:
  4. For 2014, Jorge, a single father, reported the following amounts relating to his investments:
     
    Net investment income from interest                                                                                    $7,000
    Interest expense on a loan to purchase stocks                                                                                     2,000       
    Interest expense on funds borrowed in 2013 to purchase land for investment      6,000
     
    What is the maximum amount that Jorge can deduct in 2014 as investment interest expense?
  5. Peter, having moved from Oregon to Florida in the current year, met all the requirements to deduct moving expenses. Which of the following expenses that he incurred is not deductible as qualified moving expenses?
  6. Taxes deductible as an itemized deduction include all of the following except:
  7. The early withdrawal penalty is deductible as an:
  8. All of the following are requirements for a payment to be considered alimony except,
  9. Which of the following miscellaneous itemized deductions is not subject to the 2% of adjusted gross income limitation?
  10. The determination for the deduction of the self-employment tax is based upon the:

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